PRINTER'S NO. 404
No. 376 Session of 1991
INTRODUCED BY RICHARDSON, COWELL, WAMBACH, PESCI, DALEY,
ROEBUCK, CARN, HAYDEN, McNALLY, TIGUE, PRESTON, PISTELLA,
JOSEPHS, FREEMAN, ITKIN, CAWLEY, LEVDANSKY, R. C. WRIGHT,
JAMES, VEON, KOSINSKI, TRELLO, CORRIGAN, LAUGHLIN, EVANS,
HUGHES, BISHOP, KUKOVICH, DeWEESE, THOMAS, ACOSTA, HARPER,
LINTON, OLIVER, ROBINSON AND WILLIAMS, FEBRUARY 12, 1991
REFERRED TO COMMITTEE ON LOCAL GOVERNMENT, FEBRUARY 12, 1991
AN ACT
1 Requiring cities to enact responsible investment ordinances
2 providing for the withdrawal of city funds from banks and
3 business entities doing business with the Republic of South
4 Africa and Namibia.
5 The General Assembly of the Commonwealth of Pennsylvania
6 hereby enacts as follows:
7 Section 1. Responsible investment ordinances.
8 Cities shall enact responsible investment ordinances
9 requiring the withdrawal of city funds from banks and other
10 business entities doing business with the Republic of South
11 Africa and Namibia.
12 Section 2. Citizens committee.
13 Each city council shall appoint a citizens committee on
14 responsible investments to make recommendations to it regarding
15 the following:
16 (1) Procedures for the withdrawal of city public moneys
17 from financial institutions and business entities doing
1 business with the Republic of South Africa and Namibia.
2 (2) Procedures for reinvestment with all prudent haste
3 of city public moneys in financial institutions and other
4 business entities which do not do business with the Republic
5 of South Africa and Namibia until council adopts a
6 comprehensive responsible investment policy.
7 (3) A comprehensive responsible investment policy which
8 maximizes the city's social and economic benefits.
9 Section 3. Council's ordinance.
10 (a) Policy.--The city council of each city shall adopt a
11 comprehensive responsible investment policy based on the
12 citizens committee's recommendations within 60 days of receipt
13 of those recommendations.
14 (b) Committee dissolved.--Following the adoption of the
15 comprehensive responsible investment policy, each citizens
16 committee shall be dissolved.
17 Section 4. Intent.
18 (a) Removal of deposits.--It is the intent of this act that
19 each city act to remove investments and deposits from banks and
20 other business entities doing business with the Republic of
21 South Africa and Namibia.
22 (b) Construction of act.--
23 (1) No provision of this act shall be construed to
24 require that any city incur any loss in interest or receive
25 less than the greatest economic benefit from its investments.
26 (2) No provision of this act shall be construed to
27 direct a violation of applicable Federal or State investment
28 laws or regulations.
29 Section 5. Effective date.
30 This act shall take effect in 60 days.
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